1 March, 2017
Allen & Overy has advised VietJet Aviation Joint Stock Company, Vietnam’s leading international low-cost airline, on its ground-breaking USD170 million IPO and listing on the Ho Chi Minh Stock Exchange (HOSE). Following a successful bookbuilding with international and Vietnamese institutional investors, and a domestic retail placement, trading in VietJet’s shares commenced today on the HOSE.
VietJet’s IPO is a landmark transaction as it represents the first HOSE listing documented to international disclosure standards and primarily marketed to international institutional investors. Proceeds from the sale of secondary shares in the IPO will be used to fund a top-up issuance of primary shares which will in turn help finance the expansion of VietJet’s operations.
Commenting on the listing, Allen & Overy partner Duc Tran, based in Ho Chi Minh City and who led the A&O team on Vietnamese legal aspects, said: “We are very pleased to have advised VietJet on this landmark transaction for the Vietnamese capital markets. A&O’s ability to advise on both international and Vietnamese legal aspects allowed us to help structure a transaction that successfully satisfied the commercial expectations of international and Vietnamese institutional investors, as well as the domestic regulatory requirements for a HOSE listing.”
Allen & Overy partner Alex Stathopoulos, based in Singapore and advising on international aspects of the IPO, commented: “It has been a privilege for us to share this important step with VietJet, and we look forward to more international IPOs by Vietnamese issuers now that a commercially and legally successful approach has been demonstrated.”
The Allen & Overy team was led by Partners Duc Tran in Ho Chi Minh City and Alex Stathopoulos in Singapore with support from Tina LeDinh, Senior Associate, Ho Chi Minh City; Hai Ha, Associate, Ho Chi Minh City; Felipe Duque, Associate, Singapore and Julie Song, Associate, Hong Kong.
